PE Firm Says Sellers In $115M Plimus Deal Hid Problems

Law360, Wilmington (October 3, 2012, 10:14 PM EDT) -- Great Hill Partners LLC is suing another private equity firm and others that sold it Plimus Inc. for $115 million, claiming the sellers reneged on the merger pact by concealing deal-breaking problems at the e-commerce company, according to a complaint unsealed Tuesday in Delaware Chancery Court.

Plimus’ officers and directors, aided by the private equity arm of Susquehanna International Group, “fraudulently induced” Great Hill to overpay for the company in August 2011, hiding Plimus’ souring relationships with payment processors like Paypal Inc. and credit card associations,...
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